Bitmain have announced their next generation 7nm ASIC chip, BM1397, which they claim will be highly energy efficient for mining cryptocurrencies. The chip is designed to “bring a better mining experience and aims to set a new benchmark in ASIC chip technology”.
The BM1397 is claimed to achieve “new feats in performance, chip area and energy efficiency” for mining cryptocurrencies that use the SHA256 (Secure Hash Algorithm) for their Proof of Work (PoW), for example, Bitcoin.
Bitmain claims that their innovations enable anyone anywhere to mine and benefit from cryptocurrencies.
Improvement In Power Efficiency
The new chip will use less power and can offer an energy consumption to computing ratio as low as 30J/TH, according to the blog announcement. This is a 28.6 percent improvement in power efficiency in comparison with Bitmain’s previous 7nm chip, the BM1391.
To achieve this, Bitmain’s engineering team has customised the chip design to optimise its architecture, circuit and economics. The chip was made using Bitmain’s chip supplier, the Taiwan Semiconductor Manufacturing Company (TSMC), 7nm FinFET process.
Bitmain has not had an easy time of it during this lengthy bear market, and there are reported layoffs at the company. They have closed down a blockchain development centre in Israel, suspended operations in Texas and reduced their operations in the Netherlands.
A spokesman said in January: “As we build a long-term, sustainable and scalable business, we are making adjustments to our staff and operations. This includes the decision to close our Amsterdam and Israel offices. We are really focussing on things that are core to our mission and not things that are auxiliary”.According to a Bitmex Research report released in August 2018, Bitmain sold a lot of its mining units at a loss throughout the year. As well as those issues, they’ve had a couple of class action lawsuits filed against them.